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Ratings assigned and not accepted (as on 09 Sep 2025)

1 2 3 4 5 6 7 8 9 10 11 12 13 14
Sl. No. Name of the Issuer Sector Security/Instrument Type Issue Size
(In INR Million) 		Date of Non-Acceptance Listing Status
(Listed/Proposed to be listed/Unlisted) 		Rating assigned along with Outlook
(if any) 		Whether the rating was accepted by the issuer, subsequent to the disclosure of un-accepted ratings?
(Yes/No) 		Date of subsequent acceptance of final rating assigned Final rating accepted by the issuer Whether the issuer requested for a review/appeal subsequent to disclosure of unaccepted rating?
(Yes/No) 		Whether review/appeal of the disclosed unaccepted rating was granted by ICRA.
(Yes/No) 		Remarks
(wherever applicable)
1 Poonamallee Municipality Public Services Issuer rating 0 05 Dec 2024 Unlisted [ICRA]BB (Stable) No No
2 Virudhachalam Municipality Public Services Issuer rating 0 05 Dec 2024 Unlisted [ICRA]B+ (Stable) No No
3 CC Infratech Private Limited Construction Bank Facilities 500 04 Dec 2024 Unlisted [ICRA]BB+ (Stable)/ [ICRA]A4+ No No
4 CC Infratech Private Limited Construction Issuer Rating 0 04 Dec 2024 Unlisted [ICRA]BB+ (Stable) No No
5 Cuddalore City Municipal Corporation Public Services Issuer rating 0 28 Nov 2024 Unlisted [ICRA]B+(Stable) No No
6 Tiruvallur Municipality Public Services Issuer rating 0 28 Nov 2024 Unlisted [ICRA]BB(Stable) No No
7 Dharapuram Municipality Public Services Issuer rating 0 28 Nov 2024 Unlisted [ICRA]BB (Stable No No
8 Avadi City Municipal Corporation Public Services Issuer rating 0 28 Nov 2024 Unlisted [ICRA]BBB-(Stable) No No
9 Ecozen Solutions Private Limited Industrial Products Bank Facilities 1500 21 Nov 2024 Unlisted [ICRA]BB- (Stable) No No
10 Zenith Leisure Holidays Limited Leisure Services Bank Facilities 1250 18 Nov 2024 Unlisted [ICRA]BBB- (Stable) / [ICRA]A3 No No
11 MIC Electronics Limited Electrical Equipment Bank Facilities 550 18 Nov 2024 Unlisted [ICRA]B+(Stable) / [ICRA]A4 No No
12 Suyog Telematics Limited Telecom - Services Bank Facilities 300 12 Nov 2024 Unlisted [ICRA]BBB (Stable) No No
13 Neel Metal Products Limited Auto Components Bank Facilities 1793.6 07 Nov 2024 Unlisted [ICRA]A (Positive) / [ICRA]A2+ Yes 13 Dec 2024 [ICRA]A (Positive) / [ICRA]A2+ No
14 Achole Developers Private Limited Realty Bank Facilities 2000 04 Nov 2024 Unlisted [ICRA]BBB+ (Stable) No No
15 CAE Simulation Training Private Limited Other Consumer Services Bank Facilities 6191.2 29 Oct 2024 Unlisted [ICRA]A2+ No No
16 STP Limited Chemicals & Petrochemicals Bank Facilities 150 29 Oct 2024 Unlisted [ICRA]A+ (Stable) No No
17 ValueLabs LLP IT - Services Bank Facilities 1000 23 Oct 2024 Unlisted [ICRA]BB+(Stable) No No
18 Raj Doshi Exports Pvt Ltd Realty Bank Facilities 1750 10 Oct 2024 Unlisted [ICRA]BBB (Stable) / [ICRA]A3+ No No
19 Naresh Kumar & Company Private Limited Transport Services Bank Facilities 2260 08 Oct 2024 Unlisted [ICRA]BBB- (Stable) / [ICRA]A3 No No
20 Jayabheri Automotives Private Limited Automobiles Bank Facilities 383.1 04 Oct 2024 Unlisted [ICRA]BB- (Stable) / [ICRA]A4 No No
21 S S ALUR CONSTRUCTION COMPANY Construction Bank Facilities 1250 04 Oct 2024 Unlisted [ICRA]BB (Stable)/[ICRA]A4 No No
22 Miracle Coro Plast Private Limited Industrial Products Bank Facilities 870 03 Oct 2024 Unlisted [ICRA]BB+ (Stable) / [ICRA]A4+ No No
23 Gowra Metals & Polymers Private Limited Metals & Minerals Trading Bank Facilities 650 30 Sep 2024 Unlisted [ICRA]BB(Stable) / [ICRA]A4+ No No
24 KJG Consulting Private Limited Diversified Non-Convertible Debenture 20000 30 Sep 2024 Unlisted [ICRA]BB(CE) (Stable) No No
25 Orissa Metaliks Private Limited Ferrous Metals Issuer Rating 0 26 Sep 2024 Unlisted [ICRA]AA- (Stable) No No
26 Birla Furukawa Fibre Optics Private Limited Industrial Products Bank Facilities 3681.1 24 Sep 2024 Unlisted [ICRA]A- (Stable)/[ICRA]A2+ No No
27 Birla Cable Limited Industrial Products Bank Facilities 3760 24 Sep 2024 Unlisted [ICRA]A+ (CE) (Stable)/[ICRA]A1(CE)/ [ICRA]A- (Stable) No No
28 Vindhya Telelinks Limited Industrial Products Bank Facilities 43841.5 24 Sep 2024 Unlisted [ICRA]A+ (Stable)/[ICRA]A1 No No

Disclaimers :

Please note that unaccepted ratings are not subject to the periodic monitoring/surveillance exercise and may not be representative of the current credit quality of the rated entity. Additionally, ICRA Ratings should not be treated as a recommendation to buy, sell, or hold the rated debt instruments. For ratings which were un-accepted by the Issuer prior to 1st February 2023, the status in column 9 to 14 is updated only if the respective event has occurred after 1st February 2023.

For ratings which are un-accepted by the Issuer on or after 1st February 2023, the status in column 9 to 14 is shown as on date of issue of this disclosure. The '*' sign denotes that rating has been accepted. All accepted ratings are subject to a process of surveillance, which may warrant a revision in ratings.

Please visit our website (https://www.icra.in) or contact any ICRA office for the latest information on ICRA outstanding Ratings. You may also refer to the current rating list (https://www.icra.in/Rating/Index) published on ICRA website for further information on rated instruments.